On April 2, 2020, a class action lawsuit was filed on behalf of purchasers of Luckin Coffee Inc. (“Luckin” or the “Company”) securities from May 17, 2019 through April 2, 2020 (the "Class Period"). The class also includes those who purchased ADS’s in or traceable to the Company's public offering conducted on or around May 17, 2019 (the "IPO") and/or in or traceable to the Company's public offering of ADS’s conducted on or around January 10, 2020.
Luckin engages in the retail sale of freshly brewed drinks, and pre-made food and beverage items in the People's Republic of China. It offers freshly brewed drinks, including freshly brewed coffee and non-coffee drinks; and food and beverage items, such as light meals.
According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that: (1) certain of Luckin’s financial performance metrics, including per-store per-day sales, net selling price per item, advertising expenses, and revenue contribution from "other products" were inflated; (2) Luckin’s financial results thus overstated the Company’s financial health and were consequently unreliable and would likely require restatement; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On April 2, 2020, Luckin announced that it was suspending its Chief Operating Officer and several other employees for misconduct related to the fabrication of sales or transactions.
On April 13, 2020, KTMC filed a motion with the Court to lead the Luckin litigation.
Luckin investors may receive additional information about the case by clicking the link "Submit Your Information" above and fill out the form as promptly as possible.
If you wish to discuss this action or have any questions concerning your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com